Central Limit Order Book

We power a Central Limit Order Book (CLOB) available via FIX 5.0, allowing institutional platforms to access deep liquidity from top market makers with fair, orderly execution based on price-time priority.

Flexible Execution

You have the ability to place orders parameterized by:

• Order Type: limit or market, supporting a range of execution strategies.
• Side: buy or sell.
• Time in Force: Combinations such as GTC, IOC, and FOK, controlling how long an order rests on the book before expiring or cancelling.
• Quantity: The exact amount of the asset to be bought or sold.

Sequential Dependency

The CLOB FIX session is bi-directional and event-driven. A typical order lifecycle:

1. Session: Platforms establish a FIX 5.0 session with zerohash using standard Logon (A) / Logout (5) and heartbeat messages.
2. Place Order: A new order is submitted via NewOrderSingle (D), specifying symbol, side, order type, quantity, and time in force.
3. Acknowledgement & Fills: zerohash returns ExecutionReport (8) messages covering acknowledgement, partial fills, full fills, and terminal states.
4. Cancel / Replace: Resting orders may be cancelled via OrderCancelRequest (F) or amended via OrderCancelReplaceRequest (G) prior to full execution.

Configuration Review

Please review the different permutations of the order message tags. It is vital to ensure your platform uses the intended values (e.g., OrdType (40), TimeInForce (59), Side (54), OrderQty (38)) corresponding to your specific business logic to avoid execution discrepancies.

More details can be found here